There is nothing quite as exhilarating as taking the leap into business ownership. Whether you are just starting out or have been running your small business for years, you need reliable commercial insurance coverage that works as hard as you do. At innovante insurance, we know first-hand the unique needs that small and mid-size business owners face. We can help you build a coverage portfolio that protects your bottom line and safeguards your business income and assets against various types of loss.
General Business Insurance
Many of our customers fall into a general risk category. That means their primary risks are similar to those of other small businesses. Examples include:
- Small clothing boutiques
- Dry cleaners
- Gas stations
For these types of businesses, it may be possible to combine many of the most common commercial coverage types into a single policy known as a business owner’s package. Not only does this offer convenience to the business owner, but it can also help spread out risk and lower the overall cost of coverage.
Types of Business Insurance Coverage
There are several types of business insurance coverages. Some are niche coverage types unique to specific industries, such as the food and beverage industry or to contractors. Others are broader risk coverages that address the types of risks that business owners from all industries may face.
Examples of common commercial coverage types include:
Property insurance is coverage that protects your business structure and the physical assets inside it against a wide range of covered perils. Often, this includes protection for your inventory, equipment, furniture, electronics, signage, and the structures you own against damages caused by burglary, vandalism, high winds, hail, fire, smoke, and more.
General Liability Insurance
As a business owner, you run into liability risks every day you open your doors. General liability insurance helps protect your company against lawsuits and financial responsibility when you are at-fault for a third-party’s injuries or property damages. With adequate limits, this coverage can help you avoid financial strain in the midst of litigation and when facing settlements or judgments.
Business Interruption Insurance
When you are unable to operate at full capacity or otherwise forced to close temporarily due to a covered event, business interruption insurance can help pay for your ongoing expenses and financial responsibilities, such as payroll taxes, utility bills, and more.
Workers Compensation Insurance
Virtually all Wisconsin employers should purchase workers compensation insurance to help cover the cost of medical expenses, lost wages, and rehabilitation when an employee is injured at work. This no-fault coverage not only protects employees, but it can potentially prevent the injured employee from pursuing your business for additional compensation via lawsuit.
Commercial Vehicle Insurance
Many businesses use vehicles for commercial purposes. Whether you are a caterer, offer a delivery service, visit clients at their homes, or work at various job sites, you may need commercial vehicle insurance to help protect your business against accident-related liability and physical damages to your commercial vehicles.
Employment Practices Liability Insurance
Also known as EPLI, employment practices liability insurance can help protect your business against any financial responsibility you may have in relation to a wrongful employment lawsuit. This can include the cost of hiring legal defense and paying for damages if your business is found at-fault.
Commercial Data Breach Coverage
Much of commercial crime happens online these days, and businesses have a responsibility to protect their customers’ sensitive information. If your business is the target of a data breach, be sure you have coverage that helps pay the cost of reinforcing your databases, notifying affected customers, and paying for credit monitoring if necessary.
If you have equipment that is vital to the ongoing operations of your business, you cannot afford a failure. With equipment insurance, you can file a claim for damages caused by covered events, which may include things like human error or an electrical surge.
Commercial Umbrella Insurance
Sometimes even the highest liability insurance limits are too low to satisfy the financial obligations of a commercial lawsuit. Besides legal fees and court costs, there are also judgments and settlements that can sometimes reach seven figures or more. Instead of liquidating company assets to satisfy excess damages beyond your coverage limits, you can protect your company and potentially prevent financial ruin by purchasing a commercial umbrella insurance policy. This coverage provides millions of dollars in extended liability protection beyond your primary coverage should you exhaust the limits of your policy.
Insurance for Specialty Businesses
If you own a business or work as a contractor in a specific specialty or a unique-risk industry, we may be able to help you find additional coverages that are custom-tailored to meet your needs.
Wisconsin Business Insurance Quotes
If you own a small or mid-size business in the greater Milwaukee area, make sure you are well protected against the daily risks you face. Just one major lawsuit or disaster is enough to render many businesses financially insolvent and wipe out years of hard work and investment. At innovante insurance, we want to help you build a strong insurance protection plan that safeguards all you have worked so hard to achieve. Whether you are starting up from your own home or preparing to expand in the near future, we can help you create layers of financial protection for years to come.
For more information about Wisconsin business insurance and to find out how an independent agent can help you save, contact our office today. We look forward to serving you soon.